The wealthy Gulf emirate of Qatar on Sunday announced it had set up a development fund with launch capital of 200 million dollars to finance projects in Arab and Islamic countries.

The Qatar Fund for External Development was set up at the behest of the Emir Sheikh Hamad bin Khalifa al-Thani to aid "economic development in the poorest Islamic countries," the official QNA news agency said.

Kuwait, Saudi Arabia and the United Arab Emirates have also launched similar funds financed largely through the oil and gas wealth of the Gulf. – (AFP)